Over thepast 20 years, Britain’s capital was so welcoming to oligarchs that it became known as“Londongrad”. Many bought mansions from Highgate to Hyde Park; a couple bought into football clubs. AfterRussia invaded Ukrainein February last year, 48 oligarchs were placed under Western sanctions. The immense wealth of many of Vladimir Putin’s associates highlights the problem of crony capitalism and why more should be done to combat it.
This article appeared in the International section of the print edition under the headline “A bumpy ride for billionaires”
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